Kyko Global Inc. Obtains Judgment Against Madhavi Vuppalapati & Prithvi Info Solutions Ltd - WALB.com, Albany News, Weather, Sports

Kyko Global Inc. Obtains Judgment Against Madhavi Vuppalapati & Prithvi Info Solutions Ltd

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A judgment for $17,568,854 plus interest was awarded to Kyko Global Inc. in a case of fraud against Madhavi Vuppalapati and Prithvi Information Solutions Ltd.

Seattle, United States – April 3, 2014 /MarketersMedia/ —

On September 6, 2013 a court granted judgment against the following parties in a fraud case for close to $18 million payable to Canada-based Kyko Global Inc. by: Madhavi Vuppalapati and her husband Anandhan Jayaraman, Guru and Arundathi Pandyar, Srinivas and John Doe Sista, all of Bellevue-WA, and Prithvi Information Solutions Ltd., Inalytix Inc., International Business Solutions Inc., Avani Investments, Ananya Capital Inc., and others.

KykoGlobal has made allegations under the Racketeer Influenced and Corrupt Organizations Act (RICO) and of financial fraud, mail fraud and wire fraud. Prithvi Information Solutions entered into an agreement with Kyko Global for factoring services. According to this agreement, Prithvi Information Solutions was to sell to Kyko Global some of its customer account receivables for IT services and authorize direct payment on those customer accounts receivable to be made to Kyko in exchange for a portion of the amount outstanding from its customers to be paid immediately by Kyko.

Prithvi Information Solutions was discovered to have falsified information for over two years, thereby defrauding Kyko Global. According to court documents, the internal investigation revealed that Madhavi Vuppalapati and Prithvi Information Solutions had “created fictitious customers and bogus invoices to deceive Kyko and obtain monies from it.” Some of the companies that were falsely misrepresented included big names in business such as Dick’s Sporting Goods, Enterprise Product Partners, Financial Oxygen, Huawei, and L3 Communications.

Upon discovery of this massive and brazen fraud, Kyko Global approached the court and the United States District Court immediately issued an order temporarily restraining nineteen companies and individuals, including Madhavi Vuppapapati, Prithvi Information Systems and others, from “transferring, liquidating, converting, encumbering, pledging, loaning, selling, concealing, dissipating, disbursing, assigning…” thus freezing all of their assets. This Order freezing the assets also applied to third parties such as banks or other financial institutions.

Although the allegations under RICO and of fraud are yet to be proven in court, several of the defendants executed confessions of judgment for the full amount claimed by Kyko Global. Hon. Madam Justice Pechman issued a judgment against these defendants pursuant to such confessions of judgment in the amount of $17,568,854 plus prejudgment interest. The interest was accrued at a rate agreed to by both parties at 2.45% per month, for a total amount of $796,776 in interest. Both the judgment and interest are to be paid to Kyko Global as repayment of what was allegedly fraudulently obtained from it.

“Overall we are pleased with the court judgment and hope to see the perpetrators brought to justice,” commented Mr. Kiran Kulkarni, CEO of Kyko Global Inc. “It’s obviously important to recover from this fraud all we have lost and this is the first step.”

Kyko Global specializes in trade facilitation and offers tailored financing solutions to its clients around the world. The company is based out of Toronto, Canada and Nassau, Bahamas. For more information on the company visit its website at www.KykoGlobal.com.

For more information about us, please visit http://www.kykoglobal.com/

Contact Info:
Name: Kiran Kulkarni
Email: ceo@kykoglobal.com
Address: Two Finley Road Brampton, Ontario, Canada L6T 1A9
Phone: 914-620-1170
Organization: Kyko Global Inc

Source: http://marketersmedia.com/kyko-global-inc-obtains-judgment-against-madhavi-vuppalapati-prithvi-info-solutions-ltd/39192

ReleaseID: 39192